CBI completes steps necessary to remove zeros; Awaits signal from executive, legislative branch to implement
Posted: June 27, 2012 : source reveals there will be a criteria for acceptance or rejection of banknotes

06/25/2012 10:58

A source at the Central Bank “of the Iraqi gate” Today, ethnic, criteria for acceptance or rejection of banknotes in transactions to facilitate the circulation of cash within the banking system and the rest of Iraqi institutions and the public.

The source revealed the uncles of the bank to the general Iraqi banks counting paper cash fit for circulation if it had not reached harm or damage affects the shape, color, size and if there has been a rupture of one or more, including not more than 3 cm were repaired tape transparent so that it does not affect the features real. And if hit by a break in one of the angles up to 2 cm.

The source explained that “the banknote is considered unfit for circulation and compensate for the full value when they are submitted to the Central Bank and its branches and banks if Mthrih and if he was cut in more than one angle if they are installed with adhesive tape Transparent or more in length, display, or different numbers or subject to damage burning drowning or endorsement by an official having jurisdiction. “

“When it is considered the cash fit for circulation are offset by not less than 90% of their value if they are buried or burned or washed or Mkarodh in whole or in part after making sure of its authenticity, as well as if stuck with exotic materials and affected features or perforated hole or more.” .

He noted that the paper is not valid when presented does not compensate if it lost 50% of its area or contained the writings of the seals or affect the shape.

The source explained: “If not counting cards as a result of hit hard procures the relevant committee to compensate the damaged currency at the Directorate General for the issuance of the cabinets and an estimated quantity and value of the decision is ratified by the Central Bank Governor or the Director-General of the issue and cabinets.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and replacement of the currency, which warned him, officials and economists because of the presence of mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes. Had demanded the prime minister’s central bank to wait project to delete the zeros of the three local currency, saying he was a big project and needs to be enough time to apply

Underscoring the deputies, “The central bank completed all the procedures related to the project to delete the zeros of the three local currency and the expected signal from the executive and legislative branches to begin to implement it.“